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| Type | Public (NASDAQ: APOL) |
|---|---|
| Founded | 1973 |
| Headquarters | Phoenix, Arizona, U.S. |
| Key people | John Sperling, Founder |
| Industry | For-Profit Education |
| Revenue | $2.723 billion (2007) |
| Employees | 14,500+[1] |
| Website | www.apollogrp.edu |
Apollo Group, Inc. (NASDAQ: APOL) is an S&P 500 corporation based in the South Phoenix area of Phoenix, Arizona. Apollo Group, Inc., through its subsidiaries, provides higher education to working adults.
The company owns and operates four higher-learning institutions: the University of Phoenix, Western International University, Axia College (of University of Phoenix), the College for Financial Planning, the Institute for Professional Development, Insight Schools (Online Public High Schools for Washington, Wisconsin, and other locations), and Olympus High School. As of November 2005, the combined enrollment of the four U.S. domestic universities (UOPX, WIU, Axia, CFFP) was approximately 315,350 students. Of these, nearly 90% attend the University of Phoenix, which Apollo describes as "the nation’s largest regionally accredited private university" [8].
As of September 2008 the company also owns and operates Meritus University (Meritus) in Canada. [2] Additionally, Apollo Group, Inc is the owner of BPP, and joined forces with Carlyle Group for tactical investments in education to expand student base, and develop a positive reputation for academics within the education industry.
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Apollo Group, Inc. was founded in 1973 in response to a gradual shift in higher education demographics from a student population dominated by youth to one in which approximately half the students are adults and over 80 percent of whom work full-time.[citation needed]
Corporate revenues for the year ending August 31, 2005 were $2.251 billion[3]. As of August 31, 2005, Apollo Group offers its programs and services at 90 campuses in 39 states, Puerto Rico, Alberta, and British Columbia, as well as the Netherlands.
Recently, Charles "Chas" Edelstein became the Chief Executive Officer of Apollo Group, a position that remained vacant for many years. Chas joins Joe D'Amico, the Chief Financial Officer, President, and Treasurer as the two key executive officers. Chas joined Apollo Group in late 2008 from Credit Suisse.[4]
According to a news release October 22, 2007, Apollo Group and the Carlyle Group will form a $1 billion joint venture to invest in international education services which will be named Apollo Global. Apollo Group has committed approximately $801 million and will own 80.1% of the new company and Carlyle has committed approximately $199 million and will own 19.9%. Apollo Global will replace the existing Apollo International, a separate company in which Apollo had invested.[5][6]
Apollo Group has formed Apollo Global to manage and form subsidiaries, assets, and holdings overseas. As part of their first acquisitions, Apollo Global acquired Universidad de Artes, Ciencias y Comunicacion 'UNIACC' in Chile as well as Meritus University in Canada.[7][8] Apollo Global acquired BPP Professional Education of the United Kingdom for $607 million in July 2009.[9]
The Apollo Group was the target of a securities-related lawsuit [15] alleging that the group disseminated false financial statements to stock purchasers. In January 2008, Apollo was found guilty of fraud for misleading investors by not disclosing a Department of Education report harshly critical of University of Phoenix's recruitment practices. The jury awarded the plaintiffs $280 million.[16] The Nasdaq Listing and Hearings Review Council notified Apollo Group of possible delisting of its shares, and a New York law firm filed a class action lawsuit alleging that Apollo made false and misleading statements and omitted material information concerning the backdating of options granted by the company.[17] In the midst of the Nasdaq probe, Apollo CFO Kenda Gonzalez and Controller Daniel E. Bachus resigned.[17]
On January 8, 2010 Apollo said that the US Department of Education report found that its students were not properly aware of tuition costs and financial aid eligibility.
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| File:Apollo Group | |
| Type |
Public (NASDAQ: APOL) S&P 500 Component |
|---|---|
| Industry | For-Profit Education |
| Founded | 1973 |
| Headquarters | Phoenix, Arizona, U.S. |
| Key people |
John Sperling (Executive chairman) Charles Edelstein (Co-CEO) Gregory Cappelli (Co-CEO) |
| Revenue | ▲US$3.97B (FY 2009)[1] |
| Operating income | ▲US$1.04B (FY 2009)[1] |
| Net income | ▲US$598M (FY 2009)[1] |
| Total assets | ▲US$3.26B (FY 2009)[2] |
| Total equity | ▲US$1.16B (FY 2009)[2] |
| Employees | 14,500+[3] |
| Website | www.apollogrp.edu |
Apollo Group, Inc. (NASDAQ: APOL) is an S&P 500 corporation based in the South Phoenix area of Phoenix, Arizona. Apollo Group, Inc., through its subsidiaries, owns several for-profit educational institutions.
The company owns and operates four higher-learning institutions: the University of Phoenix, Western International University, Axia College (of University of Phoenix), the College for Financial Planning, the Institute for Professional Development. It also owns Insight Schools (Online Public High Schools for Washington, Wisconsin, and other locations), and Olympus High School. As of November 2005, the combined enrollment of the four U.S. domestic universities (UOPX, WIU, Axia, CFFP) was approximately 315,350 students. Of these, nearly 90% attend the University of Phoenix, which Apollo describes as "the nation’s largest regionally accredited private university" [2].
As of September 2008 the company also owns and operates Meritus University (Meritus) in Canada.[4] Additionally, Apollo Group, Inc is the owner of BPP, and joined forces with Carlyle Group for tactical investments in education to expand student base. Apollo also purchased UNIACC college in Santiago, Chile and ULA college in Mexico.[citation needed].
Contents |
Apollo Group, Inc. was founded in 1973.[citation needed]
Corporate revenues for the year ending August 31, 2005 were $2.251 billion[5]. As of August 31, 2005, Apollo Group offers its programs and services at 90 campuses in 39 states, Puerto Rico, Alberta, and British Columbia, as well as the Netherlands.
Recently, Charles "Chas" Edelstein became the Chief Executive Officer of Apollo Group, a position that remained vacant for many years. Chas joins Joe D'Amico, the Chief Financial Officer, President, and Treasurer as the two key executive officers. Edelstein joined Apollo Group in late 2008 from Credit Suisse.[6]
According to a news release October 22, 2007, Apollo Group and the Carlyle Group will form a $1 billion joint venture to invest in international education services which will be named Apollo Global. Apollo Group has committed approximately $801 million and will own 80.1% of the new company. Carlyle has committed approximately $199 million and will own 19.9%. Apollo Global will replace the existing Apollo International, a separate company in which Apollo had invested.[7][8]
Apollo Group has formed Apollo Global to manage and form subsidiaries, assets, and holdings overseas. As part of their first acquisitions, Apollo Global acquired Universidad de Artes, Ciencias y Comunicacion 'UNIACC' in Chile as well as Meritus University in Canada.[9][10] Apollo Global acquired BPP Professional Education of the United Kingdom for $607 million in July 2009.[11]
The Apollo Group was the target of a securities-related lawsuit [17] alleging that the group disseminated false financial statements to stock purchasers. In January 2008, Apollo was found guilty of fraud for misleading investors by not disclosing a Department of Education report harshly critical of University of Phoenix's recruitment practices. The jury awarded the plaintiffs $280 million.[18] The Nasdaq Listing and Hearings Review Council notified Apollo Group of possible delisting of its shares, and a New York law firm filed a class action lawsuit alleging that Apollo made false and misleading statements and omitted material information concerning the backdating of options granted by the company.[19] In the midst of the Nasdaq probe, Apollo CFO Kenda Gonzalez and Controller Daniel E. Bachus resigned.[19]
On January 8, 2010 Apollo said that the US Department of Education report found that its students were not properly aware of tuition costs and financial aid eligibility.
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   | Yahoo! Finance profile of Apollo Group - Apollo Group, Inc. Company Profile - Yahoo! Finance |
| | ''Judge Upholds Securities Suit Against Apollo Group'' - Judge upholds securities suit against Apollo Group - Phoenix Business Journal: |
| | Apollo controller resigns on heels of CFO departure, The Business Journal of Phoenix, by Angela Gonzales, November 9, 2006 - Apollo controller resigns on heels of CFO departure - Phoenix Business Journal: |
| | Apollo Group and the Carlyle Group Form $1 Billion Joint Venture to Make Investments in the International Education Services Sector, Apollo website, October 27, 2007 - About Apollo Group. - Investor Relations - News Release |
| | ''Apollo Goes Global'', Inside Higher Education, October 22, 2007, Doug Lederman - News: Apollo Goes Global - Inside Higher Ed |
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